The cost of moving to a new rental property in England and Wales recently has been revealed following the publication of results from The Deposit Protection Service’s (The DPS) Tenancy Deposit Ratings for April to June 2016.

The DPS’ figures reveal that those renting a home in England and Wales between April and June had to pay on average £970.48 as a deposit when moving in; a £41.50 (4.47 per cent) increase compared to January to March (£948.31) and a £102.59 or 11.82 per cent increase for April to June in 2014 (£867.89).

Julian Foster (left), Managing Director at The DPS, said, “Tenancy deposits give landlords peace of mind when they rent out property, but they are usually large sums and are often the most financially demanding aspect of moving house.

The average for properties with London postcodes (£1,799.11) was the highest in the country, replacing Kingston-upon-Thames’ ‘KT’ postcode (£1,682.85), which had been the most expensive between January and March.

Properties with Durham’s ‘DR’ postcode were the cheapest in the country, with new tenants having to submit just £467.76 as a tenancy deposit.

Twickenham (£1,596.38), Enfield (£1,562.97) and St Albans (£1,562.04) all joined Kingston and London in the top five most expensive areas for tenancy deposits.